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Jeff Skilling Sentenced to 24 Years (Enron CEO)
WCHS Portland ^ | October 23, 2006

Posted on 10/23/2006 1:11:20 PM PDT by Lunatic Fringe

Breaking


TOPICS: Breaking News
KEYWORDS: corporatescandals; dupedinvestors; enron; kenlay; skilling
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To: Ready4Freddy

There's no speculation there that I can see. Enron employees were already getting the company match entirely in Enron stock. They had no choice about that.

Assuming most employees only contributed what the company did, they were already overly invested in one stock, i.e., 50% of the account was in Enron, which is ridiculously overconcentrated.

But many used their contributions to make that lack of diversification worse by using their contributions to buy even more Enron stock.

They did that either out of greed (Enron stock was appreciating dramatically as the chart on this thread shows) or they did it because Ken Lay and others in Enron management were encouraging that, and they didn't know any better.

However, it did violate the cardinal rule of investing large sums of money. Don't put it all in one particular investment.

There's nothing speculative about noting that.


121 posted on 10/23/2006 3:25:23 PM PDT by Dog Gone
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To: wideawake

I can tell you *exactly* what any possible mutual fund investments during that time would have been doing for them - losing them 6% per year, like mine did for 4 years = minus 25% of initial investment.

They believed the fraud and hype of their bosses, who were selling their own Enron stock while telling them to keep buying and drinking the Kool-Aid.

I'm glad I never liked that crew or I would've been right in the middle of all of it, like friends and acquaintances were. Ironically, I wound up the same way, but by a different path.


122 posted on 10/23/2006 3:26:12 PM PDT by Rte66
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To: Lunatic Fringe

"sentenced to 24 years"

Reminds me of that game in Red Dwarf..."Better Than Life".


123 posted on 10/23/2006 3:28:17 PM PDT by mrsmith
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To: Diddle E. Squat
Or a sentence reflecting a logical accounting of the (literally) thousands of persons who lost most of their savings as a result of Enron's illegalities.

Yep, thousands of families affected. I don't know of any serial killers that received less than life after being convicted.

124 posted on 10/23/2006 3:33:24 PM PDT by RGSpincich
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To: Dog Gone

Except that he gets 6-8 more weeks to walk around and contemplate the universe, as he is wont to do.

I didn't even see his ankle bracelet when he spoke just now and walked around. Surely he has it on - they can't be trusting him to come back and have it fitted! Even Martha Stewart showed off her bracelet and where it was chafing her leg.

Egad, he is such pondscum. You should have heard his little pontificating speech to the media a while ago.

*All we needed was an A+ rating instead of a BB- and we'd have had the $2bn-3bn float we needed. That's all! We wouldn't even be here talking if the credit bankers had done it right. Yeah, broadband was a mistake on my part, but if we'd had that other $3 billion, that would've just been a blip.*


125 posted on 10/23/2006 3:34:06 PM PDT by Rte66
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To: wideawake
I'll accept the first flaw you point out but not the second. It was proven beyond a shadow of doubt that the Enron directors abused their power to falsify company records and therefore defrauded shareholders, knowing full well that they were going to drive the company into the ground. It was proven beyond a shadow of doubt that the reported "assets" and "profits" of Enron were inflated by the directors and in many cases, non-existent.

What the Enron executives didn't count on was that they would be exposed before they could fully cash out and that they would be held criminally liable for their actions in the same manner that a bank robber doesn't count on getting caught before they can get away with their money.

126 posted on 10/23/2006 3:43:24 PM PDT by SamAdams76 (The Program is Morally Good)
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To: wideawake
Yes - the sentencing was excessive. The man committed fraud - he didn't murder anyone.

As was noted at NRO.com this afternoon, Lynne Stewart gets a slap on the wrist for aiding terrorists, Skilling gets 24 years. Disgraceful!

127 posted on 10/23/2006 3:47:15 PM PDT by veronica (http://www.freerepublic.com/~starcmc/)
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To: veronica

I guess that's the difference between a Reagan appointee and a Carter appointee.

Vote!!


128 posted on 10/23/2006 3:51:18 PM PDT by Dog Gone
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To: Dog Gone
Vote!!

I did. Today. By absentee ballot. :)

129 posted on 10/23/2006 3:53:11 PM PDT by veronica (http://www.freerepublic.com/~starcmc/)
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To: wideawake

No, Skilling did not kill anyone, but his fraudulence permanently affected and broke the lives of many both young and old. The lives of many retirees were destroyed without the possibility of rebuilding. Skilling is one of the few crooks who received what was coming to him.


130 posted on 10/23/2006 3:55:10 PM PDT by 353FMG (Unity=Life ; Diversity=Death)
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To: wideawake
Yes - the sentencing was excessive. The man committed fraud - he didn't murder anyone.

I disagree. Ruining thousands and thousands of lives is worse than murdering one person.

131 posted on 10/23/2006 3:58:45 PM PDT by NurdlyPeon (Wearing My 'Jammies Proudly)
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To: wideawake
No, it isn't. That punk Skilling is exactly the equivalent of someone who holds up a 7-11; the negligence or lack of wisdom of the person they damage has *NO* bearing on the immorality of their action. There is an assumption of risk inherent in many if not most actions, but that does not exclude a CRIMINAL from full and complete liability for ALL of the consequences of their actions. Any and every thief should get a sentence proportionate to what they stole or damaged. I think he, as with all criminals, should be required to labor as a slave until everyone damaged has been made whole.
132 posted on 10/23/2006 4:01:55 PM PDT by RedStateRocker (Nuke Mecca, Deport all illegals, abolish the IRS, ATF and DEA)
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To: veronica

I can't criticize you, then, since I haven't voted yet. I'll do it on the way home from work tomorrow.


133 posted on 10/23/2006 4:07:18 PM PDT by Dog Gone
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To: Lunatic Fringe
Jeff Skilling, once the smartest guy in the room, is now the smartest guy in the pen

Goodbye and good riddance.

134 posted on 10/23/2006 4:43:30 PM PDT by monkfan
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To: wideawake
Yes - the sentencing was excessive. The man committed fraud - he didn't murder anyone.

That is 24 years PLUS what is basically, 45 million dollar fine.

Excessive to say the least.

135 posted on 10/23/2006 4:52:39 PM PDT by OBXWanderer
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To: taxcontrol

I agree.


136 posted on 10/23/2006 4:57:31 PM PDT by plain talk
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To: wideawake

OK, well-said.


137 posted on 10/23/2006 4:58:06 PM PDT by Husker8877
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To: Hydroshock

They should not have had all their eggs in one basket and they should have bailed out before the bottom dropped out.

I think sentences should be proportionate to the crime and financial criminals should not receive harsher sentences than murderers and treason.


138 posted on 10/23/2006 5:26:10 PM PDT by plain talk
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To: SamAdams76

Not to mention, murder is a state crime and lack of funding sometimes means the release of a murderer well before their sentence is served. That doesn't happen as much in the federal system. Skilling will probably serve at least 15 years before any chance of parole.


139 posted on 10/23/2006 6:08:28 PM PDT by Lunatic Fringe (Say "NO" to the Trans-Texas Corridor)
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To: wagglebee
"They are taking most if not all of his money."

...and giving 20 million to his defense team.

I won't even begin to give you my opinion of lawyers.

140 posted on 10/23/2006 6:13:09 PM PDT by don'tspeak4me
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